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Passwords arent dead yet. Bitwarden raises $100M for password management

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Are passwords dead? With many vendors like Microsoft, Apple and Google moving toward passwordless authentication options alongside the FIDO Alliance and credential-based attacks increasing, youd be forgiven for convinced that passwords are along the way out, but login credentials arent done at this time.

Just today, open-source password manager Bitwarden announced that it has received a $100 million investment from PSG, a rise equity firm, with participation from Battery Ventures, highlighting that password management still comes with an integral role to play in enterprise and consumer security for the near future.

For enterprises, the investment highlights that while passwordless authentication options are growing in number, enhanced password management could still offer an effective response to the onslaught of credential theft and phishing emails.

Hawaii of passwords in 2022

The announcement comes as a growing number of users battle to manage their online passwords, with research showing that 39% of Americans report experiencing a higher degree of password fatigue.

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That is unsurprising when contemplating the high level of accounts that users juggle. Actually, NordPass estimates that every person must manage 80-100 passwords, rendering it mentally exhausting to generate strong and unique passwords for every online account.

Because of this, many users resort to reusing credentials and selecting weaker passwords to create it better to get on their online accounts. This inevitably helps it be easier for cybercriminals to conduct account takeover attempts within an extremely punishing threat landscape.

Research reveals that 81% of companies within the FTSE 100 had a minumum of one credential compromised and exposed on the dark web, with a complete of 31,135 stolen and leaked credentials detected for these businesses.

Password management vs. credential theft

Although some providers are giving an answer to this threat landscape by considering eliminating login credentials altogether, organizations like Bitwarden remain determined that better password management holds the solution to protecting users from these kinds of threats.

Password management has turned into a required section of every companys security stack, said Michael Crandell, CEO at Bitwarden.

Bitwarden helps companies and people stay protected with strong and unique passwords for several their online accounts. This can help businesses avoid breaches and ransomware, and helps individuals avoid identity theft, Crandell said.

Used, Bitwarden provides users with a virtual space to store their passwords, alongside features like credential autofill, automatic password generation and password strength scoring, to greatly help manage the security of these passwords better at scale to lessen fatigue.

A glance at the password management market

Bitwarden is among the biggest providers in the password management global market, which researchers expect will reach a value of $2.9 billion by 2027, as more users and organizations try to manage passwords more proactively.

The business is competing against some established competitors in the area, including LastPass, that provides a password management tool that you could get on password-free via the LastPass Authenticator, and work with a built-in generator to generate strong passwords.

LastPass was spun out by Elliott Managements private equity firm and Francesco Partners this past year for $4.3 billion.

Another key competitor is 1Password, a provider offering one-click login to sites, password-generation capabilities, and an insights dashboard where users can monitor password health. Earlier this season, 1Password closed a $620 million series C funding round and achieved a valuation of $6.8 billion.

The main element differentiation between Bitwarden along with other competitors isn’t only could it be open source, nonetheless it supplies a free password manager for unlimited logins and devices which can be be deployed in the cloud or with a self-hosted setup to make sure that organizations can meet external compliance requirements.

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